Kristina Rak Brown is a corporate lawyer with over 20 years of experience. She is currently practicing as senior counsel at the law firm of Brown, Moskowitz & Kallen, P.C. in Summit, N.J. As part of her practice on behalf of the firm, since the COVID-19 outbreak she has been tracking and writing about the federal funding programs and advising clients on how to navigate the programs and application process.
We publish this information as a public service to our readers and our community.
On March 27, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) went into effect in the United States. The CARES Act offers several loan and grant programs for qualifying small businesses, independent contractors and self-employed individuals who are suffering the negative economic impact of the COVID-19 outbreak disaster. The two largest programs are the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, each of which is administered by the Small Business Administration (SBA). Both the PPP and the EIDL Program have limited funding and applicants are served on a first-come, first-served basis.